Photo credit: Al Drago/Bloomberg

Securities and Exchange Commission (SEC) Chair Gary Gensler will likely resign by the first months of 2025 after President Joe Biden finishes his term, said Markus Thielen, founder of 10x Research.

In a July 22 report, which came out after Biden abandoned his US presidential reelection bid, Thielen noted that SEC chairs “historically” step down after new leadership assumes office at the White House, explaining that the incumbent president’s exit leaves former President Donald Trump virtually unchallenged.

“The November election appears to have been decided without a single vote. For Bitcoin, a pro-crypto administration will enter the White House.”

Gensler, whose term as SEC chair ends on June 5, 2025, “will most likely resign by January/February,” Thielen wrote.

Gensler’s SEC has been surrounded by criticisms from the crypto community for its purported “regulation by enforcement.” Among its most popular tussles with a crypto player is its ongoing legal scuffle with blockchain firm Ripple.

A court ruled last year that Ripple’s XRP sales were legal on public exchanges, but illegal when offered to institutional investors, marking a partial victory for both Ripple and the SEC. However, Ripple CEO Brad Garlinghouse recently told Bloomberg that he expects the company to soon resolve its years-long lawsuit against the agency.

Earlier this year, Gensler publicly expressed his dissent against the FIT 21 Act, a proposed comprehensive crypto legislation. That bill has since passed the House of Representatives and heads for a Senate voting.

Other ‘market-moving’ events

Thielen further noted other crypto market bullish catalysts, citing speculations that Trump would make a “highly anticipated” speech at the forthcoming Bitcoin conference in Nashville, Tennessee on July 25.

“Speculation is high that he will announce Bitcoin as a strategic reserve asset, which could trigger a parabolic rise in Bitcoin’s price,” the analyst wrote.

Thielen warned against cashing out or betting against Bitcoin before Trump’s speech, suggesting that BTC’s previous all-time high of $68,300 could be a crucial turning point. He predicted a significant price surge in the coming months, pushing Bitcoin’s value well above this previous high.